Cubbie Station: Labor to cut Chinese stake in irrigated cotton property
A LABOR Federal Government would make Chinese textile giant Ruyi Shandong wind down its 80 per cent stake in Australia’s largest irrigated cotton property, Cubbie Station.
A LABOR Federal Government would make Chinese textile giant Ruyi Shandong comply with the law and wind down its 80 per cent stake in Australia’s largest irrigated cotton property, Cubbie Station.
Federal Labor Treasury spokesman Chris Bowen’s office told The Weekly Times Ruyi Shandong should comply with the original condition of sale, to wind down its stake to 51 per cent.
“They should be complying with the law,” a spokesman for Mr Bowen said.
Ruyi Shandong was originally meant to wind down its stake to 51 per cent within three years of purchasing the Queensland cotton property for $240 million in 2012, under conditions imposed by then Labor Treasurer Wayne Swan.
But in 2016 then Treasurer Scott Morrison extended the deadline by three years.
The Weekly Times understands the new deadline is July 1, this year, but has been unable to gain a date from the Coalition Federal Government.
Treasurer Josh Frydenberg has refused to make any commitment on whether the Coalition would hold Ruyi Shandong to the original condition of sale.
When asked what action he was taking, he said: “It is a longstanding practice that the Foreign Investment Review Board and the Treasurer do not comment on the details of foreign investment screening and subsequent processes as they apply or could apply to particular cases.”
Australian Securities and Investments Commission records show, as of yesterday, Ruyi Shandong still owns 80 per cent of Cubbie, via Singapore company CSTTCO Holdings.
Australian agribusinessman Roger Fletcher holds the remaining 20 per cent stake in Cubbie Station.
Ruyi Shandong’s Melbourne office has previously stated it remains in compliance with its obligations to the Foreign Investment Review Board.
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